News Karnataka
Saturday, April 13 2024
Business News

REC Will Fund Infra Projects Upto Rs 20 K Cr/yr in Rajasthan

REC Will Fund Infra Projects Upto Rs 20 K Cryr in Rajasthan
Photo Credit : IANS

New Delhi: REC Limited, a Maharatna CPSE under the Ministry of Power, has signed an MoU with the Rajasthan government to finance projects across power and non-power infrastructure sectors with an investment of up to Rs 20,000 crore per annum for a period of six years, extending up to 2030, according to a company statement issued on Monday.

REC chairman and MD Vivek Kumar Dewangan said, “Under this agreement, REC Limited will provide loans of upto Rs 20,000 crores annually for the next six years to various departments, undertakings, institutions and schemes of the Rajasthan government.”

With this MoU, there will be a rapid increase in projects related to the state’s infrastructure sector like power projects, metro, roads and highways, airports, IT infra, oil refinery, steel infra, ports and waterways, fiber optics, telecom, health sector, tourism infrastructure, agriculture and other infra projects, he added.

This collaboration underscores REC’s commitment to supporting the development of both power and non-power infrastructure in Rajasthan, thereby contributing to the state’s economic growth and prosperity, according to the company statement. he added.

The MoU was signed in Jaipur at a ceremony in the presence of the Rajasthan Chief Minister Bhajan Lal Sharma.

MoUs worth Rs 1.6 lakh crore were signed by Central Public Sector Undertakings (CPSUs) under the Ministry of Power and Ministry of Coal with the Rajasthan government.

These agreements marked a substantial commitment towards bolstering infrastructure development and driving economic growth in the region.

Union Minister of Power and New and Renewable Energy R. K. Singh and Minister of Coal Prahlad Joshi addressed the ceremony via virtual conference.

Read more:

Centre to Boost EV Infra, New Bio-Manufacturing: FM

India Emerges Bright Spot Globally with Major Infra Investments

Chemotherapy services in 30 hospitals to strengthen infrastructure to cure cancer: PM Modi

Share this:
Support NewsKarnataka's quality independent journalism with a small contribution.

How useful was this post?

Click on a star to rate it!

Average rating 0 / 5. Vote count: 0

No votes so far! Be the first to rate this post.

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

To get the latest news on WhatsApp